For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails
Sign up to our free breaking news emails
Sharp falls in the value of the Egyptian pound could make Sharm el-Sheikh and other Red Sea resorts a cost-effective choice for UK-based holidaymakers looking to travel abroad in 2023, according to analysis.
Post Office Travel Money found the gains that sterling has made against the Egyptian pound over the past year equate to getting around £210 extra on a £500 currency transaction.
The Post Office also said sales of the East Caribbean dollar have increased particularly strongly compared with the months leading up to the coronavirus pandemic.
A destination like Sharm el-Sheikh may prove cheaper because of the Egyptian pound's steep fall in value against sterling
Ed Dutton, Post Office
Sales of the Mexican peso and the Jamaican dollar have also risen markedly, it said.
Recommended
- Charity boss speaks out over ‘traumatic’ encounter with royal aide
- Ukraine war’s heaviest fight rages in east – follow live
Ed Dutton, portfolio director, financial services at the Post Office, said: “The fairest measure of demand is to compare currency sales now with the busy period before the Covid-19 pandemic.
“Sales of Caribbean and Latin-American currencies were particularly strong then, so it is encouraging that they are even more buoyant now.
“However, sterling has fallen in value against many of these currencies so holidaymakers should factor this into their holiday budgeting. A destination like Sharm el-Sheikh may prove cheaper because of the Egyptian pound’s steep fall in value against sterling.”
✕
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
SubscribeAlready subscribed? Log in{{/url}}